Law:

Section:

Section 80-IA, read with sections 80-IB and 148, of the Income-tax Act, 1961 - Deductions - Profits and gains from infrastructure undertakings - Assessment year 2005-06 - Assessee-company was engaged in building and developing industrial parks - It was regularly assessed to tax - For instant year after scrutiny assessment under section 143(3), issue of deductions under sections 80-IA and 80-IB for was finalized - Subsequently, Assessing Officer sought to reopen assessment on ground that industrial park developed by assessee was not notified by CBDT till end of relevant year and, therefore, deduction under section 80-IA(4)(iii) was wrongly claimed and allowed - It was found that assessee had developed industrial park as per approval granted by Ministry of commerce under rule 18C of Income-tax Rules - Whether once approval was granted by Ministry of Commerce, CBDT was required to notify Industrial Park for benefit under section 80-IA - Held, yes - Whether since in another case of very same assessee had been found to be entitled to deduction under section 80-IA(4)(iii) and also a specific direction was issued to Union of India for issuance of notification in terms of rule 18C(4), very edifice on which re-opening was based, had been demolished - Held, yes [In favour of assessee] FACTS The assessee-company was engaged in the field of construction activities involving building and development of housing projects as well as developing the industrial parks. It was regularly assessed to tax. For the relevant assessment year, after scrutiny assessment under section 143(3) vide order dated 22-2-2007 issue of deduction under sections 80-IA(4)(iii) and 80-IB(10) for processing taxability under section 115JB was finalized. In appeal before the Commissioner (Appeals) and before the Tribunal also, all those issues were decided on merits. Subsequently, on 1-10-2009, the Assessing Officer sought to reopen the assessment by issuing a notice under section 148, read with section 147, on ground that the assessee's industrial park was not notified by the CBDT till the end of relevant year, and therefore, deduction made available under section 80-IA(4)(iii) was wrongly claimed and…

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